It is 1985, and a small, tranquil Florida town is being rocked by a wave of vicious serial murders and bank robberies. Particularly sickening to the authorities is the gratuitous use of violence by two 'Rambo'-like killers who dress themselves in military garb. Based on actual events taken from FBI files, the movie depicts the Bureau's efforts to track down these renegades. The story culminates in a terrifying chase and shootout, dubbed the bloodiest in FBI history.

Assigned to the case is sharpshooting veteran Ben Grogan (Ronny Cox), who has devoted 23 years to the Bureau and considers it to be his family. Working with Ben is Jerry Dove (Bruce Greenwood), a thirty-year-old novice. Despite little field experience, his superior Academy record lands him a spot on the investigative team.

The two prime suspects, Michael Platt (David Soul) and William Matix (Michael Gross), have no prior records. Matix, however, was a suspect in his wife's murder, having cashed in an insurance policy he had taken out on her shortly before the murder. Platt is a frustrated soldier who never got his chance to fight in Vietnam. Both have failed to make it in the world, and their frustration and anger lead them to embark on a rampage.

At first they kill for money, robbing banks and murdering anyone who gets in their way. Eventually, it becomes a way of life. The FBI is hard pressed to find evidence against them, but their cold-blooded shooting of a helpless man, only to steal his car, proves to be their undoing. The victim survives and passes information to the FBI.
The FBI is finally able to put together a portrait of the killers and begins predicting their moves. When the FBI lays a stakeout, the suspects smell a rat, leading to a dramatic chase and a bloody shootout.